MRG-003 is a monoclonal antibody conjugated commercialized by Lepu Biopharma, with a leading Phase II program in Head And Neck Squamous Cell Carcinoma (HNSC). According to Globaldata, it is involved in 10 clinical trials, of which 3 were completed, 5 are ongoing, and 2 are planned. GlobalData uses proprietary data and analytics to provide a complete picture of MRG-003’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for MRG-003 is expected to reach an annual total of $102 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
MRG-003 Overview
MRG-003 is under development for the treatment of unresectable locally advanced or metastatic biliary tract cancer, adenocarcinoma of the gastroesophageal junction, nasopharyngeal cancer, non-small cell lung cancer, and recurrence or metastatic head and neck squamous cell carcinoma, oral cavity cancer, oropharyngeal cancer, hypopharyngeal cancer and laryngeal cancer. It is administered by intravenous drip route. The drug candidate is an antibody-drug conjugate composed of a fully human anti-EGFR IgG1 monoclonal antibody conjugated to a microtubule disrupting agent monomethyl auristatin E (MMAE).
It was also under development for the treatment of metastatic colorectal cancer, duodenal and esophageal cancer.
Lepu Biopharma Overview
Lepu Biopharma is a biopharmaceutical company focusing on oncology therapeutics. The company is headquartered in Shanghai, China.
The company reported revenues of (Renminbi) CNY225.4 million for the fiscal year ended December 2023 (FY2023), compared to a revenue of CNY15.6 million in FY2022. The operating profit of the company was CNY4.8 million in FY2023, compared to an operating loss of CNY704.5 million in FY2022. The net loss of the company was CNY22.1 million in FY2023, compared to a net loss of CNY689.1 million in FY2022.
For a complete picture of MRG-003’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
